Pantheon Resources (PANR.L) Webinar & Corporate Update

Pantheon Resources plc (“Pantheon” or “the Company”), the AIM-quoted oil and gas company with a 100% working interest in all of its oil projects spanning c. 160,000 acres adjacent and near to transportation and pipeline infrastructure on the Alaska North Slope, is pleased to confirm that an investor presentation (“Webinar”) will be held today at 4 pm BST.

Webinar update

A copy of the Powerpoint presentation to be delivered during the Webinar will be uploaded to Pantheon’s website at www.pantheonresources.com shortly before 4 pm BST today. A recording of the Webinar will also be uploaded to the Company’s website once available.

As previously advised, the presentation will, by design, be technical in nature in order to allow investors and industry participants to gain a greater appreciation for the impressive quality of data and analysis underpinning the Company’s projects.

Pantheon’s executive board will be supported by Mr Mike Smith, President and Founder of AHS, and Mr Roger Young, Chief Technology Officer for eSeis. Also joining the presentation will be Mr Ed Duncan, Senior Geoscience Consultant and Founder of Great Bear, and Mr Jerry Nichols, Senior Geophysicist Consultant.

Over the recent months, the Company has announced resource estimates which exceed over one billion barrels of oil recoverable, net to Pantheon, for the Theta West and Shelf Margin Deltaic (“SMD”) horizons, which, in management’s opinion, meets the classification of P50 Contingent Resource (Recoverable).

Webinar registration and access

The presentation is open to all shareholders and interested parties. Those wishing to participate will be able to access the webinar via the link below:

https://www.bigmarker.com/share-talk/Share-Talk-Presents-An-Investor-Presentation-by-Pantheon-Resources-PLC

Attendees should use the latest version of Chrome, Safari or Firefox for the best experience.

Alternatively, investors can download the IOS application for Big Marker, or dial in via telephone. Details are outlined below:

Webinar ID: d99bfbbdcdb9

Dial: USA (312) 248-9348

Dial: UK (0)1793 250421

Attendee Dial-in ID Number: 935615

Attendee Dial-in Passcode: 3517

Conceptual Development plans

As part of the analysis of the Alkaid and SMD-B projects, the Company has prepared conceptual development plans for both projects, which will be addressed in the Webinar. As presented in the tables below, these have been modelled at a range of oil prices to highlight the net present value (“NPV”) sensitivity to the oil price. Pantheon has a 100% working interest in both projects.

SMD-B Conceptual Development Model

Sensitivity analysis

Conceptual development model (pre-tax) for the SMD-B project based upon management estimate. For illustrative purposes only. Assumptions: 400 well development (194 wells at EUR of 1.4 mmbo and 206 wells at 0.7 mmbo for a total of 421 mmbo produced vs 404 mmbo previously modelled), average well cost $23m for three delineation wells and $12m per well thereafter, oil prices held flat, model truncated at year 30.

Alkaid Conceptual Development Model

Sensitivity analysis

Conceptual development model (pre-tax) for the Alkaid anomaly project (i.e., excluding SMD), based upon the development model used by Lee Keeling & Associates, adjusted for current cost estimates. For illustrative purposes only. Assumptions: 44 wells drilled (24 wells at EUR of 2.3mmbo and 20 wells at 1.15 mmbo for a total of 78 mmbo produced, vs 76.5mmbo previously modelled), average well cost $23m for three delineation wells and $12m per well thereafter, oil prices held flat, model truncated at year 30.

Corporate Update

As previously announced, Pantheon must complete a farmout or funding in Q4 2021 to have sufficient resources for both working capital and for the anticipated future winter 2021/22 drilling and testing campaign. The Company continues to proactively manage expenditures and to engage with potential farminees/partners in the meantime.

Pantheon also notes the recent Federal District Court decision that vacated approval of Conoco-Phillips’ Willow project, and provides the following observations:

– Willow is on Federal land requiring Bureau of Land Management (BLM) approval

– Willow is within the National Petroleum Reserve-Alaska (NPRA), an environmentally sensitive area governed by a unique regulatory framework

– Willow’s proposed infrastructure is within the environmentally sensitive Teshepuk Lake Special Area

– Pantheon projects are 100% on State of Alaska owned lands and are not subject to the above and require no Federal land management approval

The Company’s 2021/22 winter objective is for an active work programme to test all zones of the Talitha #A discovery well, and to drill at least one other well at either Alkaid or Theta West. An Alkaid development well could start production and generate revenues shortly after completion, using a low-cost modular production system, considered to be a highly attractive option at current oil prices. A well at Theta West has the attraction of testing a globally significant play that offers tremendous potential for value creation.

Jay Cheatham, CEO of Pantheon Resources, stated:

“This Webinar will be crucial listening for anyone with an interest in forming a view on our assets and I encourage everyone to take the time to participate and to digest the implications of its contents . It will contain a lot of technical information, however, we believe this is essential to demonstrate the science and the work behind these enormous resource estimates. Mike Smith, President and Founder of AHS, leading expert on VAS has generously agreed to speak during the Webinar and to give his expert views on his analysis. For the avoidance of any doubt, Mike and AHS are truly independent of Pantheon. It is a rare privilege for shareholders to gain access to such experts and we are thankful to both Mike and Roger for the generosity of their time.

“We remain focused on finding a suitable partner to farm in to one or more of our projects and this process is ongoing. We have discussed many times the requirement of a farmout, or otherwise, to fund the Company ahead of a winter 21/22 drilling programme and we have been focused on this goal since April. The oil market is much better right now than any of us could have envisioned, putting the Company in a stronger position during these negotiations.

“Finally, I would like to apologise to everyone who planned for the Webinar yesterday. Due to a technical issue with the webinar provider, we made the difficult decision to delay the broadcasting of the presentation until today. Given the geological nature of the presentation, we felt was imperative enable a far more informative presentation.”

-Ends-

Further information:

Pantheon Resources plc

+44 20 7484 5361

Jay Cheatham, CEO

Justin Hondris, Director, Finance and Corporate Development


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